Westpac consumers will be able to track and categorize their spending, monitor their monthly income and receive personalized insights to help them make better financial decisions on its banking application
Chris de Bruin, managing director of retail and business banking at Westpac, said new personal finance management tools on the bank’s app will give customers more control over their money as pressures on the cost of living are increasing and compressing households.
de Bruin was appointed Managing Director of Consumer & Business Banking at Westpac in February 2021 after spending 13 years at Standard Chartered Bank
Customers will need to upgrade to version 10.9.0 of the Westpac app to benefit from new personal finance insights, budgeting features and the ability to track and categorize expenses.
According to a Westpac study of 2,000 people, more than three-quarters of Australians believe digital banking can help them better manage their money.
Westpac Wire interviewed de Bruin to get his perspective on customer demands. “Our customers are not only looking for simple, secure and fast transactions, but also for information that helps them manage their lives,” he said.
The app’s personal finance features incorporate functionality from MoneyBrilliant, a business Westpac acquired earlier this year, and are part of the bank’s broader digital strategy unveiled in its July market update.
As well as giving customers the ability to see information about all of their accounts, even those held with other institutions, the app will also soon feature a carbon footprint tracker to help people make choices about greener spending.
“The bank’s priority is to keep customer information secure and a dynamic CVC has been added as a security feature, allowing customers to temporarily block their card if they notice unusual activity.” says de Bruin
De Bruin’s subsequent goal is to extend the digital mortgage to a wider range of consumers. In the long term, he wants to create a bank that provides all services digitally, allowing the consumer to carry out online transactions independently.